ctvwf , page-38

Not sure about the term "exaggerated" but if you call the Kitco and LME Cu prices that, then that is what I used and always use.

http://www.kitcometals.com/charts/copper_historical.html

http://www.lme.com/copper.asp

As for recovery rates I have used the data in the reports.

PWC has been very conservative, and I don't blame them. If I was an analyst/advisory firm I would do the same. They have used the current forward Cu prices and added in a risk reduction measure to below the current forward Cu pricing.

If you want to compare my data with analysts, then I could have used the forward estimate of MPS to "exaggerate" the data. Who are incredibly accurate with their forecasting of resources and resource stocks, after all this is what they do. Dawes of MPS has used a possible USD$5-$6 p/lb for Cu. At USD$5 p/lb for Cu, this gives a tonnage rate of USD$11,023 p/lb.

If the PWC valuation was to use current or forward pricing, or the MPS pricing, then the valuation I am sure you will agree that their valuation would have been considerably higher than mine.

So I believe you will find my data as provided is now not only conseravtive, it is accurate to current base metal pricing.